Let’s have a look at the Seattle area’s employment situation.
First up, year-over-year job growth, broken down into a few relevant sectors:
Construction is posting gangbuster gains—up 11.5% year-over-year—as homebuilders attempt to capitalize on the inventory crunch. Finance / Real Estate is posting the smallest gains at just 0.8% year-over-year growth.
Here’s a look at the overall Seattle area unemployment rate compared to the national rate:
Unemployment fell again in Seattle and Washington State from November to December, as it more or less flat-lined nationally. As a result, Washington State’s unemployment rate fell below the national rate for the first time two years. The Seattle area is still outperforming Washington State and the nation as a whole, with December unemployment coming in at 7.8% for the US, 7.6% for Washington, and 6.5% for the Seattle area.